Annual Report on

The Japanese Economy and Public Finance


- Japanese Economy Heading for New Growth Era

with Conditions for Growth Restored -

Cabinet Office

Government of Japan

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Chapter 1

Section 1
Kato, Hiromi, Hiroyuki Fujiwara and Kazutaka Fujimoto (2003). "Disposal of Nonperforming Loans and its Influence on Bankruptcy and Employment," Economic and Fiscal Analysis Discussion Paper DP/ 03-3, Cabinet Office
Cabinet Office (2005). "Evaluation Report on Structural Reform, No.4-Financial/Corporate Reconstruction"
Cabinet Office (2001). "Disposal of Nonperforming Loans and its Influences"
IMF (2002). "Recessions and Recoveries," World Economic Outlook, April 2002
IMF (2006). "World Economic Outlook 2006 April"
OECD (2002). Dalsgaad, Thomas, Jorgen Elmeskov and Cyn-Young Park "Ongoing Changes in the Business Cycle-Evidence and Causes," Working Paper, OECD Economics Department, 2002
IEA "Oil Market Report"

Section 2
Ito, Takatoshi and F. Mishkin (2005). "Ch. 4 Japan's Monetary Policy: Problems and Solutions," Takatoshi Ito, H. Patric, D. Weinstein (Eds.) "Reviving Japan's Economy" Nihon Keizai Shimbun, Inc.
Iwata, Kazumasa (2000). "International Economics (Second Edition)," SHINSEI-SHA Co., Ltd.
Ueda, Kazuo (2006). "Progress of smoothing the way for policy changes" "Course in Economy - Question the Policies in the Era of Zero Interest Rates," Nihon Keizai Shimbun, Inc.
Uchida, Mahito (2003). "Deflation and Inflation," Nihon Keizai Shimbun, Inc. Paperback
Ohkawa, Kazushi (Ed.) (1967). "Long-term Economic Statistics 8 Commodity Prices," Toyo Keizai Inc.
Okazaki, Tetsuji (1997). "The Tracings of Industrialization - Ancient Chronicle of a Major Economic Power," The Yomiuri Shimbun
Okamoto, Naoki (2001). "Japanese Economy which is faced with Deflation - Redefining deflation as well," Economic and Fiscal Analysis Discussion Paper DP/ 01-1, Cabinet Office
Kitamura, Yukinobu (2002). "Historic Investigation of Commodity Prices and Business Fluctuations," Institute for Monetary and Economic Studies, Bank of Japan
Kosuge, Nobuhiko (2003). "Japan isn't in a state of deflation," Diamond, Inc.
Saita, Yumi, Izumi Takagawa, Kenji Nishizaki and Masahiro Higo (2006). "An Empirical Analysis of Price Stickiness and Price Revision Behavior in Japan Using 'Micro CPI Data'," Bank of Japan Working Paper Series
Takemori, Shunpei (2006). "The world will be hit by deflation three times!," (Vol. 1, 2) Kodansha Ltd.
Mio, Hitoshi and Masahiro Higo (1999). "Underlying Inflation and the Distribution of Price Change: Evidence from the Japanese Trimmed -Mean CPI," Institute for Monetary and Economic Studies, Bank of Japan
Bernanke, Ben S. (1994). "The Macroeconomics of the Great Depression: A Comparative Approach," NBER Working Paper No.4814
Bernanke, Ben S., Thomas Laubach, Frederic S. Mishkin and Adam S. Posen (1999). "Inflation Targeting: Lessons from the International," Princeton University Press
Bootle, Roger (Au.), Johsen Tkahashi (Translation Supervisor) (1998). "Death of Inflation," Toyo Keizai Inc.

Ishi, Koutaro (1996). "Determining Factor and Comparison by Countries of Real Interest Rates," Discussion Paper 96-J-18, Institute for Monetary and Economic Studies, Bank of Japan
Bernanke, Ben S. (2005). "The Global Saving Glut and the U.S. Current Account Deficit," Speech at the Sandridge Lecture, Virginia Association of Economics, Richmond, Virginia, The Federal Reserve Board
IMF (2005). "Global Imbalances: A Saving And Investment Perspective," World Economic Outlook, September 2005

Section 4
OECD (2002). "Fiscal Sustainability: The Contribution of Fiscal Rules" Chapter IV, OECD Economic Outlook 72, Economics Department, OECD

Chapter 2

Section 1
Ide, Shosuke (2005). "60 Years of Unbalanced Development," Toyo Keizai Inc.
Iwata, Kikuo and Tsutomu Miyagawa (2003). "Real Causes of Lost Decade," Toyo Keizai Inc.
Ueno, Yoichi and Naohiko Baba (2005). "Determinants of Japanese Companies' Returns to Shareholders: A Demonstration Analysis on Incentives to Pay Dividends and Buy Back Own Shares for Cancellation," Bank of Japan Working Paper Series
Matsui, Kathy (1998). "Japanese Stock Prices as Seen from EVA," Security Analyst Journal, March
Kuroda, Shoko and Isao Yamamoto (2005). "Key Points and Policy Agreement on Downward Rigidity of Nominal Wages: Japan's Experiences in 1990s," IMES Discussion Paper Series 2005-J-17, Institute for Monetary and Economic Studies, Bank of Japan
Nishizaki, Kenji and Tomohiro Sugo (2001). "On Japan's Labor Shares," Bank of Japan Working Paper Series
Hanazaki, Masaharu and Tran Thi Thu Thuy (2002). "Corporate Investment Behavior," Financial Review, Ministry of Finance Policy Research Institute
Harada, Yutaka, Kenichi Kawasaki, Akio Egawa and Hideaki Kitaki (2003). "Wage Rigidity and the Importance of Monetary Policy," ESRI Discussion Paper Series No. 45, Economic and Social Research Institute, Cabinet Office
Fukao, Kyoji, Tomohiko Inui, Hiroki Kawai and Tsutomu Miyagawa (2003). "Sectoral Productivity and Economic Growth in Japan, 1970-98: An Empirical Analysis Based on JIP Database," ESRI Discussion Paper
Miyagawa, Tsutomu (2005). "Innovating Productivity of Japanese Economy," Nihon Keizai Shimbun, Inc.
Motohashi, Kazuyuki (2005). "An Empirical Analysis of IT Innovation: Has IT Changed Long-term Japanese Economic Performance?," Economic Policy Analysis Series II, Toyo Keizai Inc.
Brunello, G. and S. Wadhwani (1989). "The Determinants of Wage Flexibility in Japan: Some Lessons from A Comparison With the UK Using Micro-data," Centre for Labour Economics Discussion Paper No.362, London School of Economics

Section 2
Aoki, Masahiko (2001). "Toward A Comparative Institutional Analysis," NTT Publishing Co.
Aoki, Masahiko and H. Patrick (1994). "The Japanese Main Bank System," Toyo Keizai Inc.
Arikawa, Yasuhiro, Ippei Kikuta, Motoyuki Arima, Shinichiro Oda, Takashi Kishino and Hideyuki Ibaraki (2006). "Characteristics of Japanese-style Management as Seen from Questionnaire Survey," Economic and Fiscal Analysis Discussion Paper DP/06-3, Cabinet Office
Itami, Hiroyuki (2000). "Japanese-style Corporate Governance: The Theory and Reform of Employee-Sovereign Firm," Nihon Keizai Shimbun, Inc.
Itoh, Hideshi, et. al (2002). "The Japanese Firm in Transition," RIETI Economic Analysis Series 1, Tokyo Keizai Inc.
Ministry of Finance (1978). "The History Public Finance in Showa-Era -- from End of War to Peace Treaty -- Volume 19 (Statistics)," Toyo Keizai Inc.
Otaki, Masayuki (1994). "Theory of Business Cycle," University of Tokyo Press
Okazaki, Tetsuji and Masahiro Okuno (1993). "The Japanese Economic System and its Historical Origines," University of Tokyo Press
Odagiri, Hiroyuki and Akira Goto (1995). "Technology and Industrial Development in Japan: Building Capabilities by Learning, Innovation, and Public Policy," Toyo Keizai Inc.
Kameda, Seisaku and Izumi Takagawa (2003). "International Comparison of ROA -- A Study on Sluggish Return on Assets of Japanese Companies," Working Paper 03-11, Research and Statistics Department, Bank of Japan
Koike, Kazuo (1999). "The Economics of Work in Japan," Toyo Keizai Inc.
Saito, Takashi and Toshiaki Tachibanaki (2005). "Corporate Governance and Employment Adjustments at Small and Medium-sized Enterprises," RIETI Discussion Paper Series 05-J-023, Research Institute of Economy, Trade and Industry
Ministry of Finance Policy Research Institute (2003). "Progress in Corporate Governance Reforms and the Revitalization of Japanese Companies"
Tomiyama, Masayo (2001). "The Main Bank System and Employment Adjustment in Firms," The Japanese Labour Studies No. 488
Nakamura, Junichi (2001). "Microstructure of persistent ROA decline in the Japanese corporate sector: Inter-company disparities and investment strategies," Research Report No. 23, Development Bank of Japan
Noguchi, Yukio (1995). "The 1940 System -- A Farewell to Wartime Economy," Toyo Keizai Inc.
Higuchi, Yoshio (2001). "Economics of Employment and Unemployment," Nihon Keizai Shimbun, Inc.
Fukao, Mitsuhiro and Yasuko Morita (1996). "International Comparison of Corporate Governance Structure," Nihon Keizai Shimbun, Inc.
Fujimoto, Takahiro (2004). "The Philosophy of Japanese Manufacturing," Nihon Keizai Shimbun, Inc.
Miyajima, Hideaki and Yasuhiro Arikawa (1999). "Financial Liberalization and Debt Choice - the Deterioration of Clients among Banks in the 1980s," Financial Review No. 49, Ministry of Finance
Miyajima, Hideaki and Fumiaki Kuroki (2002). "Quantitative Analysis of the Unwinding of Cross-Shareholdings by Japanese Firms," Security Analysts Journal
Miwa, Yoshiro and J. Mark Ramseyer (2001). "Misunderstandings in the theory of the Japanese economy: Liberation from the Spell of the "Keiretsu"," Toyo Keizai Inc.
Yonezawa, Yasuhiro and Nobuaki Tsuchimura (2003). "Corporate Governance, and Excess Investment and Debt," pp365-385, Japan's Financial Problems, Nippon-Hyoron-Sha Co.
Yoshida, Kazuo (1996). "Clarification of Japanese-style Management System," Toyo Keizai Inc.
Auer, P., J. Berg and I. Coulibaly (2004). "Is a stable workforce good for the economy? Insights into the tenure-productivity-employment relationship," Employment Strategy Working Paper No.15, ILO
Bassanini, A. and E. Ernst (2002). "Labour Market Institutions, Product Market Regulation, and Innovation: Cross-country Evidence," Economics Department Working Paper No.316, OECD
ILO (2005). "A stable workplace? A mobile workforce? -- What is the best for increasing productivity?," Chapter 4, World Employment Report 2004-05, ILO
Nicoletti, G., A. Bassanini, E. Ernst, S. Jean, P. Santiago and P. Swaim (2001). "Product and Labour Markets Interaction in OECD Countries," Economics Department Working Paper No.312, OECD

Section 3
Cabinet Office (2003). Structural Reform Evaluation Report - Examination of reform Effects on Corporations and Employment and "Next Move"
Cabinet Office (2005). Structural Reform Evaluation Report 4 - Financial and Corporate Revitalization

Section 4
Uemura, Shuichi and Yoshitsugu Watanabe (2006). "Regional Bank Governance - Implications of Changes in Shareholders," RIETI Discussion Paper Series 06-J-013, Research Institute of Economy, Trade and Industry
Financial Services Agency (2005). "Action Program Conernign Enhancement of Relationship Banking Functions (FY2005-2006)"
Standard & Poor's (2006). "Generally High Credit Concentration Risks at Banks in Industrial Countries"
Cabinet Office (2005). "Structural Reform Evaluation Report 4 - Financial and Corporate Revitalization"
Bank of Japan (2005). "Present State and Evaluation of Financial System for Banking Sector," Financial System Report
Nagata, Takahiro (2004). "Economics of Financial Conglomerates," Access FSA No. 17, Financial Services Agency
Hoshi, Takeo and Anil Kashap (2005). "Solutions to Banking Problems - Some Prescriptions May Work but Other May Never" Takatoshi Ito, H. Patric, D. Weinstein (Eds.) "Reviving Japan's Economy," Nihon Keizai Shimbunsha Inc

Chapter 3

Section 1
Abe, Masahiro (2005). "Environmental Changes of Japanese Economy and the Labor Market," Toyo Keizai Inc.
Genda, Yuji (2001). "Ambiguous Anxiety in One's Work," Chuokoron-Shinsha Inc. Paperback
Genda, Yuji and Ayako Kondo (2003.) "Review of Structural Unemployment - Background of the Rising Unemployment Rate," ESRI Discussion Paper Series No.53, Cabinet Office
Compiled by the Foreign Worker's Affairs Division, Employment Security Bureau, Ministry of Health, Labour and Welfare (2003). "The Present Situation and Measures/Policies regarding Foreign Workers in Other Countries (Revised edition)," Nikkan Rodo Tsushinsha
Sakai, Tadashi and Shogo Iwamatsu (2004). "Before and After Being Freeters," Yoshio Higuchi, Compiled by 21st Century COE, Cooperation between Faculty of Economics and Business and Commerce of Keio University: "Dynamism of Japanese Household Activities" Ch. 5
Small and Medium Enterprise Agency (1990). "1990 White Paper on Small and Medium Enterprises in Japan"
Cabinet Office (2004). "Annual Report on the Japanese Economy and Public Finance 2004"
Cabinet Office (2005). "Research Studies on Adolescents Finding Employment"
Higuchi, Yoshio, Toshihiro Kodama and Masahiro Abe (2005). "Economic Analysis of Labor Market Design," Toyo Keizai Inc.
Maruyama, Shun (2005). "Increasing Number of Middle Aged Freeters - One of the Hidden Reasons for the Declining Birth Rate," Investigative Report by UFJ Research and Consulting Co., Ltd. 05/02
Ministry of Labor (1998). "Analysis of the Labour Economy"
OECD (2004). "OECD Employment Outlook 2004"

Section 2
Cabinet Office (2005). "White Paper on the National Lifestyle 2005"
Nakano, Takahiro (2006). "The Situation of Capability Development in Japan," Economic and Fiscal Analysis Discussion Paper DP/ 06-4, Cabinet Office
Japan Institute of Labor (1996). "Study on Company training and Productivity," JIL Research Report No.81
Human Power Strategy Study Group (2003). "Report by the Human Power Strategy Meeting Study Group"
OECD (2005). "Education at a Glance: OECD Indicators - 2005 Edition," Akashi Shoten Co., Ltd

Section 3
Ishida, Hiroshi (2002). "Trends in Social Inequality Based on the Pattern of Intergenerational Mobility: A Recent Trend Shown in the JGSS-2000"
Ishida, Hiroshi (2003). "Social Stratification and Status Consciousness in Cross-national Comparative Perspective," Y Higuchi Yoshio and Ministry of Finance, Policy Research Institute Edition, "Japan's Income Disparities and Social Class" Chapter 5
Ota, Kiyoshi (2003). "Asset Disparities in Japan," Y Higuchi Yoshio and Ministry of Finance, Policy Research Institute Edition, "Japan's Income Disparities and Social Class" Chapter 2
Ota, Kiyoshi (2005). "Rise in Labor Income Inequality with increasing numbers of part-time jobbers" ESRI Discussion Paper Series No.140
Ohtake, Fumio (2005). "Inequality in Japan," Nihon Keizai Shimbun, Inc.
Ohtake, Fumio (2006). "Unproductiveness of 'Disparities are harmful' - Which perspective should this be asked as a policy," Ronza April 2006
Oshio, Takashi (1998). "Economics of Social Security," Nippon-Hyoron-Sha
Oshio, Takashi (2005). "Social Security Reform under Population Ageing," Nihon Keizai Shimbun, Inc
Sato, Toshiki (2006). "Theory of disparity, Organizing the issue through five questions, Solving the query, Why there is a difference between figures and actual feelings," Weekly Economist, April 25, 2006
Tachibanaki, Toshiaki (1998). "DISPARITY IN JAPAN: Thinking From Perspective of Income and Assets," Iwanami Paperbacks (Iwanami Shinsho)
Tamada, Keiko and Fumio Ohtake (2004). "Does livelihood protection impede the willingness to work?- Comparison with public assistance system in the US," JCER Economic Journal No.50, pp.38-62
Nishizaki, Fumihira, Yutaka Yamada and Eisuke Ando (1998). "Income Inequality in Japan with Cross-national Perspectives," Economic Analysis 'A series of Policy Research' Series No.11, Economic Planning Agency Economic Research Institute
Matsuura, Katsumi (2002). "Overview of the issue of distribution in Japan," Hiroshi Miyajima and JTUC Research Institute for Advancement of Living Standards Edition "Income Distribution and Disparity in Japan" Chapter 1
Yugami, Kazufumi (2003). "How the income disparity in Japan should be assessed -Searching the cause of expanding income disparities-," JIL Labour Policy Report
Forster, M and Marco Mira d'Ercole (2005). "Income Distribution and Poverty in OECD Countries in the Second Half of the 1990s," OECD Social, Employment and Migration Working Papers No.22
Gottschalk, Peter and Smeeding, Timothy M. (1997). "Gross-National Comparisons of Earnings and Income Inequality," Journal of Economic Literature
Mookherjee, D. and A. Shorrocks (1982). "A decomposition analysis of the trend in UK income inequality," The Economic Journal, 92
Oshio, T (2005). "Income inequality and redistribution policies in Japan during the 1980s and 1990s - Can population aging entirely explain widening inequality? -"

Section 4
Ministry of Health, Labour and Welfare (2006). "Report on Overseas Situation 2004-2005"
Shirakawa, Ichiro (2005). "NEET in Japan / Freeters in the World: Learning from experiences in the West," Chuko Shinsho La clef
Higuchi, Yoshio and Masanori Hashimoto (2006). "Issues Facing the Japanese Labor Market," Takatoshi Ito, H. Patric, D. Weinstein (Eds.) "Reviving Japan's Economy" Chapter 10
OECD (2004). "Labour Force Statistics 1984-2004"
The Japan Institute for Labour Policy and Training (2004). "Study of Employment Strategy in Developed Nations," JILPT Research Report No.3

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